Lucas Asset Pricing Model (Lucas "Tree" Model)

モデル設定
1. Large number of identical agents.
2. Only durable good is identical trees, one for each agent.
3. Each tree yields fruit (dividends) at the beginning of period.
4. Fruit is not durable, but the tree is durable.
5. Each agent starts life with one tree.
6. Fruit is governed by Markov process.

Ljungqvist and Sargent (2004) Recursive Macroeconomic Theory, pp.399-400